Algeria approves sale of 49 percent stake in El Hadjar steel complex

According to the Algerian prime ministry, the Algerian government has approved the sale of 49 percent of shares of the state-run El Hadjar steel complex to the Dubai-based Emarat Dzayer Group.

Emarat Dzayer will invest more than DZD 160 billion ($1.4 billion) in new steel production on the site of El Hadjar.

Sider Group will have 31 percent of shares in the new partnership, while the remaining 20 percent will belong to Sider El Hadjar. The new joint venture will have an annual production capacity of 1.3 million mt.